Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

• Credit card balances reach record $866B as consumers battle economic headwinds
• According to TransUnion’s Quarterly Credit Industry Insights Report (CIIR), bankcard balances rose 19% during the third quarter from a year ago, reaching a record $866 billion.
• This was driven heavily by a growth in Gen Z and Millennial borrowers whose balances increased 72% and 32%, respectively, according to the report.
• This increase is caused by the myriad of economic challenges facing consumers from “this environment of high inflation, and secondarily by the higher interest rates
• Overall, number of credit cards issued over the third quarter rose to 510.9 million
• Meanwhile, the average credit card debt per borrower rose from $4,857 to $5,474.

Read the original article by clicking here.